Beyond Compliance – Promoting Excellence in Financial Reporting in Canada
  • IFRS - SEC Image

  • SEC publishes statement on the application of IFRS 19

    May 20, 2024

    On May 20, 2024, the Securities and Exchange Commission (SEC) published a statement stating that when financial statements that apply IFRS 19 Subsidiaries without Public Accountability: Disclosures are included in SEC filings, they likely need to be supplemented with additional disclosures.

  • IFRS - IASB Image

  • IASB proposes amendments for renewable electricity contracts

    May 08, 2024

    On May 8, 2024, the International Accounting Standards Board (IASB) published an Exposure Draft proposing narrow-scope amendments to ensure that financial statements more faithfully reflect the effects that renewable electricity contracts have on a company.

  • Leaf - sustainability (green) Image

  • ThinkTWENTY20 releases Spring 2024 issue

    May 07, 2024

    On May 7, 2024, ThinkTWENTY20 released its Spring 2024 issue, which contains diverse and stimulating discussions on multiple aspects of the ever-evolving world of technology and finance.

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  • The ThinkTWENTY20 Report - April 2024 Image

  • The ThinkTWENTY20 Report - April 2024

    published Apr 25, 2024

    This report covers Canada's economic indicators, AI advancements, and auditing standards activity. It identifies an upward trend in Canada's Composite Leading Indicator but a decrease in GDP per capita due to population outpacing output growth. The AI segment discusses a 2023 investment boom, the benefits and concerns, and the need for standardization in responsible AI reporting. Lastly, the report highlights the long-standing issue of defining auditor responsibilities for fraud, suggesting that AI could aid in risk management despite the challenges posed by rapid business changes.

  • On the audit committee’s agenda; Aligning the disclosure committee in the era of disclosure Image

  • On the audit committee’s agenda; Aligning the disclosure committee in the era of disclosure

    published Apr 25, 2024

    The report emphasizes the importance of disclosure committees in assisting CEOs and CFOs with SEC-required disclosures and ensuring the accuracy and timeliness of company filings. The committees' duties include reviewing SEC filings, supporting Sarbanes-Oxley Act certification requirements, and overseeing financial reporting controls. In this transitional period, the report suggests enhancing disclosure committees by updating their charters, reassessing membership, and improving operational procedures. The report further provides additional resources, including Deloitte's SEC rule resources and considerations related to the Climate Disclosure Rule.

  • Financial Reporting Alert, Frequently Asked Questions About “Pillar Two

  • Financial Reporting Alert, Frequently Asked Questions About “Pillar Two"

    published Apr 15, 2024

    This Financial Reporting Alert provides responses to some frequently asked questions about how an entity should account for the tax effects of the global anti-base erosion model rules (“Pillar Two”) established by the Organisation for Economic Co-operation and Development (OECD). This Financial Reporting Alert has been updated to address additional questions about how an entity should account for the tax effects of the Pillar Two framework.

  • The CFO Agenda 2024; The role of the chief financial officer is changing—here’s why Image

  • The CFO Agenda 2024; The role of the chief financial officer is changing—here’s why

    published Apr 09, 2024

    This report covers the evolving role of Chief Financial Officers (CFOs) in response to changing macro-factors. It delves into the complexities of capital markets, where CFOs must deal with high borrowing costs and uncertainties surrounding interest rate cuts. It examines the impact of geopolitical tensions on businesses, highlighting the increased risks and complexities in protecting cross-border assets and maintaining supply chains. The report also explores the shift in demographics and the resulting need for CFOs to reevaluate product mixes and customer service strategies. Furthermore, the report addresses the role of CFOs in navigating the rapidly advancing technological landscape, often necessitating a closer collaboration with IT and C-suite leaders.

  • Heads Up — Comprehensive Analysis of the SEC’s Landmark Climate Disclosure Rule Image

  • Heads Up — Comprehensive Analysis of the SEC’s Landmark Climate Disclosure Rule

    published Apr 08, 2024

    This Heads Up examines the SEC’s March 6, 2024, final rule in detail. The final rule requires registrants to provide climate-related disclosures in their annual reports and registration statements, including those for initial public offerings, and is effective beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large accelerated filers. This Heads Up was updated on April 8, 2024, to address the SEC’s stay of the effective date of the final rule pending judicial review.

  • Heads Up — Executive Summary of the SEC’s Landmark Climate Disclosure Rule Image

  • Heads Up — Executive Summary of the SEC’s Landmark Climate Disclosure Rule

    published Apr 08, 2024

    This Heads Up briefly highlights key provisions of the SEC’s final rule on climate disclosures. The new rule requires registrants to provide comprehensive climate-related information in their annual reports and registration statements, including those for IPOs, beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large accelerated filers. This Heads Up was updated on April 8, 2024, to address the SEC’s stay of the effective date of the final rule pending judicial review.

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